Belarus

**Retail_Trading_Status Report: Belarus**

1.  **Current Status:** `Allowed-Regulated`

2.  **Detailed Narrative Explanation:**
    Belarus has established a specific legal framework for cryptocurrencies, primarily through Presidential Decree No. 8 "On the Development of the Digital Economy," which came into force on March 28, 2018. This decree legalized various cryptocurrency activities for both individuals and legal entities.

    *   **Legality for Individuals:** Decree No. 8 explicitly allows individuals (natural persons) in Belarus to own, mine, store (in virtual wallets), exchange tokens for other tokens, acquire, and dispose of tokens (including cryptocurrencies) for Belarusian rubles, foreign currency, or electronic money. Individuals can also gift and bequeath tokens. Importantly, these activities, when conducted by individuals for themselves, are generally not considered entrepreneurial activity.
    *   **Regulation via High Technologies Park (HTP):** While individuals can legally engage in crypto activities, the key regulatory aspect lies in how they interact with the traditional financial system (fiat currency). A significant change occurred with Presidential Decree No. 367, effective September 20, 2024. This decree mandates that **individuals can only buy or sell tokens for fiat money (Belarusian rubles, foreign currency, electronic money) through licensed operators registered within the Belarus High Technologies Park (HTP)**. This includes crypto-platform operators and cryptocurrency exchange operators who are residents of the HTP. Transactions involving the exchange of crypto-for-crypto (e.g., Bitcoin for Ethereum) can still potentially occur on foreign platforms, but converting crypto to fiat or vice-versa must go through HTP-registered entities. Peer-to-peer (P2P) trading involving fiat currency exchange between individuals, especially if systematic, is considered illegal entrepreneurial activity and is prohibited if it bypasses HTP residents. Assisting others in crypto transactions for profit is also prohibited for individuals.
    *   **Taxation:** Initially, Decree No. 8 provided significant tax exemptions. Income derived by individuals from mining, acquiring, or selling tokens was exempt from personal income tax until January 1, 2025. Tokens and related income did not need to be declared. However, starting January 1, 2025, changes to the Tax Code (Article 202-1) introduce personal income tax (typically 13%) on income from token operations conducted through foreign platforms or directly between individuals (which is now restricted for fiat exchange). Income from operations conducted through HTP residents remains exempt.
    *   **AML/KYC:** Entities operating within the HTP, such as exchanges, are subject to regulatory requirements, including minimum capital and likely AML/KYC procedures, although specific details on KYC for individual retail users accessing these platforms require confirmation from the platforms themselves. The state aims to increase transparency and combat illicit activities through the HTP-centric model.
    *   **EU Sanctions:** It's important to note that recent EU sanctions (February 2025) restrict EU-based crypto service providers from offering services (like wallet creation/maintenance) to Belarusian citizens and residents, potentially limiting their access to international platforms operating within the EU.

    In summary, retail cryptocurrency trading is allowed in Belarus but is strictly regulated. Individuals can own, mine, and trade crypto, but fiat on/off-ramps are restricted to licensed HTP residents. Tax exemptions previously applied broadly but are becoming more limited, incentivizing the use of regulated HTP platforms.

3.  **Supporting Excerpts and Sources:**

    *   **Decree No. 8 (Original Text):** "физические лица вправе владеть токенами и с учетом особенностей, установленных настоящим Декретом, совершать следующие операции: майнинг, хранение токенов в виртуальных кошельках, обмен токенов на иные токены, их приобретение, отчуждение за белорусские рубли, иностранную валюту, электронные деньги, а также дарить и завещать токены." (Translation: "physical persons have the right to own tokens and, taking into account the specifics established by this Decree, perform the following operations: mining, storing tokens in virtual wallets, exchanging tokens for other tokens, acquiring them, alienating them for Belarusian rubles, foreign currency, electronic money, as well as gifting and bequeathing tokens.")
        *   **Source:** President of the Republic of Belarus Official Internet Portal (via Эталон Online)
        *   **URL:** [http://president.gov.by/ru/official_documents_ru/view/dekret-8-ot-21-dekabrja-2017-g-17716/](http://president.gov.by/ru/official_documents_ru/view/dekret-8-ot-21-dekabrja-2017-g-17716/) (Link to official publication portal requires specific access, alternative text source: [https://etalonline.by/document/?regnum=pd1700008](https://etalonline.by/document/?regnum=pd1700008)) [8]

    *   **Decree No. 367 (2024 Amendment Impact):** "Individuals can now buy and sell tokens for money (Belarusian rubles, foreign currencies, or e-money) only through